ITAT Rules Against Double Taxation on Unaccounted Share Capital

DCIT Vs Subhshree Investment Management Pvt Ltd (ITAT Delhi) Introduction: In an intriguing case of DCIT Vs Subhshree Investment Management Pvt Ltd, the Income Tax Appellate Tribunal (ITAT) Delhi ruled against the double taxation on unaccounted share capital. According to the ITAT, if the share capital has already been taxed under the category of ‘Source of Income’, no further addition can be made to it. The ruling provides a noteworthy precedent for other similar cases where double taxation could be a concern. Analysis: The case came into limelight when the Revenue appealed agains...